AUDJPY Bulls Eye Higher Ground: Key Support at 101.40 Powers Uptrend

AUDJPY surged above the 102 level as the Australian dollar gained momentum. The intraday trend remains bullish as long as support at 101.40 holds. It hit a high of 102.03 yesterday and is currently trading around 102.01.
 

Oscillators and moving averages to forecast the trend of AUDJPY

CMP- 102.01

EMA (4-hour chart)

55-EMA- 101.22

200-EMA- 100.22

365-EMA- 99.27. The pair trades above the short and above long-term moving average.

Major Support- 101.40. Any breach below 101.40 will drag the pair down to 100.98/100.35/100/99.70/99/98.25/97.48/97/96/95/94.39.

Major resistance - 102.40. Any break above 102.40 confirms minor bullishness; a jump to 103.10/104/105 is possible.

Indicator (4-hour chart)

CCI (50)-  Bullish

Average directional movement Index-  Neutral. All indicators confirm a neutral trend. trend.

It is good to buy on dips around 101.40 with SL around 100.95 for TP of 102.40/103.